Battery management systems Market- Zion Market Research

Global Battery Management Systems Market Size Analysis

The Global Battery Management Systems Market Size was worth around USD 10,283.1 million in 2021. with a CAGR of approximately 17.8 % over the forecast 2028

SUITE N202, NEW YORK, UNITED STATES, October 8, 2022 /EINPresswire.com/ -- The report analyzes the Global Battery Management Systems Market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the battery management systems market. The increasing popularity of electric vehicles and shifting focus on multiple energy management sources is predicted to boost the use of battery management systems over the forecast period. High costs of battery management systems are expected to have a restraining effect on the battery management systems market potential over the forecast period. The battery management systems market is expected to make a speedy recovery in the post-pandemic era as the world returns to normal. Demand for battery management systems is expected to be majorly driven by a rising preference for electric vehicles owing to increasing consumer awareness. Some of the main competitors dominating the global battery management systems market include - Leclanche (Switzerland), Lithium Balance (Denmark), Nuvation Engineering (US), Eberspaecher Vecture (Canada), Storage Battery Systems (US), and Johnson Matthey (UK). The global battery management systems market size was worth around USD 10,283.1 million in 2021 and is estimated to grow to about USD 27478.6 million by 2028, with a compound annual growth rate (CAGR) of approximately 17.8 % over the forecast period.

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Recent Developments

In July 2019 – Vertical Partners West LLC an electrical equipment manufacturer announced a collaboration with Teledyne Energy Systems that will be aimed at the expansion of its product portfolio.

In February 2018, Lithium Werk B.V. a leading name in the lithium-ion battery company announced the acquisition of Valence Technology in order to strengthen its product portfolio. These companies are focused on providing novel battery management systems offerings for the automotive and energy storage industries.

Battery management systems Market: Growth Drivers

Increasing demand for Electric Vehicles

Advancements in the automotive industry have led to a substantial rise in the use of electronic components in vehicles and the increasing demand to maintain sustainability has driven the demand for electric vehicles which subsequently drives the battery management systems market growth over the forecast period. The Use of battery management systems is crucial in maintaining better regulation of battery and enables efficient use of a battery as well. This is expected to boost the battery management systems demand through 2028.

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Battery management systems Market: Restraints

High Cost of Battery management systems to Restrain Market Potential

Battery management systems deploy sensitive sensors and electronics to ensure efficient running and this is what makes the offering an expensive one these high costs are expected to have a restraining effect on the global battery management systems market potential. This factor slows down the adoption of battery management systems in low-income economies and this eventually slows down the global battery management systems market growth in the long run.

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The global battery management systems market is segmented as follows:

By Battery Type

Lithium Ion
Advanced Lead-Acid
Others

By Type

Motive Battery
Stationary Battery

By Topology

Centralized
Modular
Distributed

By Application

Automotive
Military
Telecommunications
Renewable Energy Systems
UPS (Uninterrupted Power Supply)
Others

By Region

North America
The U.S.
Canada
Europe
France
The UK
Spain
Germany
Italy
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Southeast Asia
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
GCC
South Africa
Rest of the Middle East & Africa

The Europe region is expected to hold a dominant outlook in the global battery management systems industry landscape. Increasing focus on sustainability has propelled the use of batteries in this region and this has spawned a new demand for battery management systems in this region and is a major driver for the battery management systems market potential through 2028. Increasing government subsidies and rising demand for electric vehicles is expected to be prominent trends guiding the battery management systems market potential over the forecast period. Germany and the United Kingdom are expected to be the most notable markets in this region through 2028.

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Varsharani Lavate
Zion Market Research
+1 855-465-4651
varsha.l@marketresearchstore.com
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